GBP/USD Moves To New Highs. Next Target 1.6523 Support At 1.6443

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GBP/USD Moves To New Highs. Next Target 1.6523 Support At 1.6443

By Greg Michalowski on October 20, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The GBPUSD had a choppy session today. The price moved above the 100 day MA at the 1.6349 level yesterday. The 100 day MA remains at that level today and the low for the day found support against that level (low reached 1.6352). The high for the day has reached its peak in NY and is currently making new highs. The price is above trendline resistance now at the 1.6443 level. This level now becomes support for the pair.

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On the topside the next target comes in at the 1.6523 level for the pair. This is the 61.8% retracement of the move down from August high of 1.7028 and the low at 1.5706.

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